The lamp factory in Mailuu-Suu conducted an additional share issue amid financial difficulties

In the penultimate week of January, the Financial Market Regulation and Supervision Service registered the third issue of ordinary registered shares of OJSC Mailuu-Suu Lamp Factory and approved the results of its placement. The decision was made against the backdrop of the company's deteriorating financial situation and previously announced government support measures.

The parameters of the issue and information about the purchasers of the shares are not publicly disclosed. However, the additional issue itself is clearly aimed at stabilizing the financial condition of the plant, which has faced systemic difficulties in recent months. Given that the enterprise is under state control and the Cabinet of Ministers has publicly declared its readiness to support it, the most likely buyer of the new issue is the state.

The plant's problems became known at the end of last year, when employees began to report a reduction in production volumes and three-month delays in wages. Employees expressed concerns about possible layoffs and job losses.

An off-site meeting in the Jalal-Abad region, led by Deputy Prime Minister Bakyt Torobaev and held on behalf of the president, confirmed the company's difficult situation. The authorities promised to pay off the wage arrears by the end of January.

At the same time, a decision was made to temporarily suspend operations. Employees will be sent on unpaid leave until production resumes. At the same time, there is no longer any talk of producing incandescent lamps — the authorities have announced a transition to the production of glass containers and a search for new directions.

To restore the enterprise's operations, it is planned to create a special working group that will analyze diversification and prepare proposals for restarting production. At the same time, a search for potential investors is underway.

The Mailuu-Suu Lamp Factory, founded in 1964, produced up to 1 billion lamps annually during the Soviet period. After the collapse of the USSR, the enterprise faced a sharp drop in demand, and in 2009 it was declared bankrupt and later transferred to state control.